19 million new subscribers in 2024? Netflix to raise prices in these countries
Netflix has announced price hikes across several countries, including the US, Canada, Argentina, and Portugal, following a surge of nearly 19 million new subscribers in late 2024. The streaming giant revealed that the price increase is aimed at further reinvesting in content and improving its service.
In the US, the standard subscription without ads will now cost $17.99 per month, up from $15.49, while the ad-supported plan will rise by $1, reaching $7.99. These increases mark the latest adjustments to Netflix’s pricing, following a previous hike in October 2023.
Netflix's subscriber growth exceeded expectations, boosted by high-profile content like the second season of the popular South Korean drama Squid Game, as well as live events including the boxing match between Jake Paul and Mike Tyson. The company finished the year with over 300 million global subscribers, far surpassing its forecast of 9.6 million new sign-ups for the October-December quarter.
Looking ahead, Netflix will no longer report quarterly subscriber growth, instead focusing on announcing paid memberships when key milestones are reached.
In addition to its wide-ranging content, Netflix has expanded its live offerings, including future broadcasts of WWE wrestling and the FIFA Women's World Cup in 2027 and 2031.
With its stronger and more diverse programming slate, Netflix is flexing its muscle in the competitive streaming market, continuing to invest in content while adjusting prices. The company also reported a significant increase in profits, with net income doubling to $1.8 billion from October to December, and sales rising from $8.8 billion to $10.2 billion.
Peter Schiff, Chief Economist, commented on Netflix's 16% price increase, stating that those expecting lower inflation under Trump will be disappointed. He noted that the lull in the inflation storm is over and warned that the consequences of inflationary monetary policies, which became evident under Biden, will intensify under Trump.